India, Sweden launch LeadIT 2.0 to promote low-carbon tech transfer to developing nations

India and Sweden have joined hands to launch LeadIT 2.0, an initiative that aims to co-develop and transfer low-carbon technology. The initiative will also provide financial support for industry transition in developing nations. The announcement was made during the LeadIT session at the ongoing UN climate talks in Dubai.

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Importance of partnership

Speaking at the event, Prime Minister Narendra Modi emphasized the need for a partnership between governments and industry for countries to achieve net-zero goals. He said that the LeadIT Leadership for Industry Transition initiative is a prime example of such a partnership. Net zero means achieving a balance between the greenhouse gases put into the atmosphere and those taken out.

Focus areas

LeadIT focuses on developing a transition roadmap and sharing knowledge within the iron, steel, cement, and transport sectors. Currently, 18 countries and 20 companies are part of the LeadIT group. LeadIT 2.0 will focus on an inclusive and equitable industry transition, co-development, and transfer of low-carbon technology, along with financial support for industry transition in developing nations.

Industry transition platform

India and Sweden also inaugurated an industry transition platform designed to link governments, technology providers, researchers, and think tanks. Launched at the UN Climate Action Summit in 2019, LeadIT specifically focuses on the low-carbon transition of hard-to-abate industrial sectors. It serves as a platform for public-private collaboration, fostering sector-specific and cross-sectoral learning, especially concerning innovation opportunities and new technologies.

The launch of LeadIT 2.0 is a significant step towards promoting low-carbon technology and supporting industry transition in developing nations. By bringing together governments, industry, and other stakeholders, the initiative can help accelerate the transition to a more sustainable and low-carbon future.